Ontology Development Platform Now Released on Google's Cloud Marketplace

Omar Faridi
  • New development environment launched for Ontology.
  • Users can develop decentralized apps (dApps) on Ontology's network using Google's Cloud-based platform.

The developers of Ontology (ONT), a “distributed trust network” that provides the technological “infrastructure” for implementing a “trust ecosystem,” have released the Ontology Development Platform on Google’s Cloud Platform Marketplace.

According to an official blog post by the Ontology Team, the distributed trust platform is now among “one of the first public blockchains” to have launched a development platform on “leading cloud provider marketplaces.” These include Amazon’s Web Services (AWS), Google Cloud, and Microsoft Azure.

The main benefit of using Ontology’s cloud-based development platforms is that they allow software architects to program smart contracts without having to set up a local development environment - which can be quite time-consuming and more costly to manage in most cases.

As mentioned on the Ontology platform’s official website: 

The Ontology network [aims to] promote “trust cooperation” and it allows a diverse group of business and technology projects to use its distributed trust platform.

In order to further facilitate the development of decentralized applications (dApps), the Ontology team has reportedly joined the Google Cloud Technology program. This will allow Ontology’s developers to “collaborate” with the search engine giant in promoting various “marketing activities.” The main goal of these marketing activities and the launch of new development platforms is to “grow [Ontology’s] tech community and make developing dApps more accessible” for all users, the announcement stated.

Implementing Private Smart Contracts With TEE

In early January 2019, Ontology’s management announced that it had partnered with a Singapore-based tech firm called TEEX - in order to enhance the Ontology platform’s “on-chain data privacy” and security.

According to the Ontology team, the cooperation between TEEX and Ontology’s developers will involve deveoping “secure client private key solutions.” TEEX’s proprietary Trusted Execution Environment (TEE), which is “a black box” residing inside computer chips that separates code and its data from external software programs, will be used to place sensitive smart contract data from Ontology’s network. This type of data encapsulation should significantly reduce the chances of hackers being able to compromise private or confidential user information on Ontology’s platform.

Ontology's Gas Token Surges After Binance Listing

On February 16, Ontology’s Gas (ONG) token, which provides “fuel” required to perform certain transactions and access particular features on the platform’s network, surged nearly 140%. This, after Binance, one of the world’s largest crypto exchanges, revealed it had added trading pairs with the ONG token.

According to Binance Info, the Ontology project “provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems, and at the same time supports public chain customization and chain network collaboration, while continuously providing common modules in various distributed applications."

Central Banks and Cryptocurrencies: Natural Born Enemies, or Soon-to-Be Friends?

Oli Weiss

The frosty and (some have speculated) internationally coordinated response from central bankers to Facebook’s Libra was received with little surprise by crypto entrepreneurs and investors.

Officials from across the G7 economies were keen to stress not only the regulatory hurdles Libra would need to clear before it got the green light, but also their ongoing commitment to the tacit proposition that there must remain a legal and technical firewall between fiat and cryptocurrencies.

Steve Mnuchin, U.S .Treasury Secretary, was at pains to emphasize that Facebook’s proposed coin is “a very long way” from being approved by U.S. regulators, and the Governor of the Bank of England, Mark Carney, has been quoted expressing similar sentiments that Libra must be “rock solid” well before it’s launch.

However, it is French Finance Minister, Bruno La Maire, who has been most explicit in a recent interview with the Italian newspaper Corriere della Sera where he stated that, “the red line for us is the Libra must not transform into a sovereign currency.”

Inside Singapore’s Crypto Laboratory

This context of mistrust and sometimes outright hostility from central bankers towards cryptocurrencies makes two developments in Singapore all the more significant; firstly Project Ubin led by the Monetary Authority of Singapore, and secondly the recent decision to allow five new digital banking licenses.

Project Ubin is a joint venture by the de facto central bank of Singapore and leading global financial institutions including HSBC, JP Morgan and Bank of America Merrill Lynch. In essence, the project seeks to explore the possibility that blockchain distributed ledger technology can be used to make the settlement of inter-bank payment quicker and reduce processing times whilst maintaining high levels of security and data privacy.

So far, the project has begun to demonstrate that a tokenized Singaporean dollar can in fact function as a method of inter-bank settlement for day-to-say business, and work has commenced between the Project Ubin teams and the Bank of Canada on how the system can be scaled to allow for international payments.

One obvious question arises from this: if this system works and could hypothetical be generalized elsewhere, what would this mean for the role of central banks in the future?

One possible answer is also starting to emerge from Singapore, where Ministers have just approved the issuance of banking licenses to up to five new digital banks.

This further enshrines the contestability of the financial sector in Singapore, and provides room for the type of new, innovative entrants likely to take advantage of Singapore’s world-class crypto infrastructure and flexible regulatory environment.

As such, there are signs emerging that the cold war between central bankers and crypto innovators may be starting to pass, and a strategic partnership between the two could be possible in other financial centers like Singapore. For now, one thing is certain: Singapore is, and almost definitely will remain, one of the key centers of crypto and fintech dynamism, due in part at least to the bold actions of the Singapore Monetary Authority.